SHANGHAI, May 21 /Xinhua-PRNewswire/ -- Home Inns & Hotels
Management Inc. (NASDAQ:HMIN), a leading economy hotel chain in
China, today announced its un-audited financial results for the
quarter ended March 31, 2007. First Quarter 2007 Highlights --
Total revenues for the quarter increased 65.5 % year-over-year to
RMB183.1 million (US$23.7 million). -- Income from operations was
RMB15.9 million (US$2.1 million), an increase of 24.9%
year-over-year. Excluding share-based compensation charge, income
from operations (non-GAAP) was RMB17.6 million (US$2.3 million), up
34.7% year-over-year. -- Net income for the quarter was RMB3.0
million (US$0.4 million). Net income was negatively impacted by
non-recurring charge of RMB6.1 million (US$0.8 million) for
re-measurement of net deferred tax assets. Excluding this impact,
net income (non-GAAP) was RMB9.1 million (US$1.2 million). --
EBITDA (non-GAAP), defined as earnings before interest, taxes,
depreciation and amortization, was RMB25.8 million (US$3.3
million), representing a 22.3% increase year-over-year. Excluding
foreign exchange losses of RMB6.1 million (US$0.8 million) and
share-based compensation expenses of RMB1.7 million (US$0.2
million), EBITDA (non- GAAP) was RMB33.7 million (US$4.4 million),
up 56.6% year-over-year. -- Diluted earnings per share amounted to
RMB0.04 (US$0.01), and diluted earnings per ADS was RMB0.09
(US$0.01). Each ADS represents two of our ordinary shares.
Excluding the non-recurring charge for re-measurement of net
deferred tax assets, diluted earnings per share (non-GAAP) would be
RMB0.13 (US$0.02) and diluted earnings per ADS (non-GAAP) would be
RMB0.26 (US$0.03). -- During the first quarter of 2007, Home Inns
opened 11 new hotels. As of March 31, 2007, the Home Inns hotel
chain consisted of 145 hotels in operation with an additional 48
hotels under development, covering 53 cities in China. -- Occupancy
rate for our Home Inns hotel chain was 86% in the first quarter of
2007, compared with 90% during the same period in 2006 and 90% in
the previous quarter. -- RevPAR, defined as revenue per available
room, was RMB151, compared with RMB157 in the same period of 2006
and RMB165 in the previous quarter. 'We are pleased with our first
quarter results given that we typically experience lower occupancy
rates during the Chinese New Year holidays,' said Mr. David Sun,
Home Inn's Chief Executive Officer. 'We are maintaining our
leadership position in the economy hotel industry in China and
continue to capitalize on our early mover advantage by rapidly
expanding our geographic coverage and increasing penetration in
existing markets.' As of March 31, 2007, the Home Inns hotel chain
consisted of 97 leased- and-operated hotels and 48
franchised-and-managed hotels in operation, with an additional 36
leased-and-operated hotels and 12 franchised-and-managed hotels
under development, covering 53 cities in China. The average number
of rooms per hotel in operation is 120. First Quarter 2007
Financial Results For the first quarter of 2007, Home Inns reported
total revenues of RMB183.1 million (US$23.7 million), representing
a 65.5% increase year-over- year. Total revenues from
leased-and-operated hotels for the first quarter of 2007 were
RMB174.6 million (US$22.6 million), representing a 60.7% increase
year-over-year. The Company opened 3 new lease-and-operated hotels
during the quarter. Total revenues from franchised-and-managed
hotels for the first quarter of 2007 were RMB8.5 million (US$1.1
million), representing a 327.0% increase year-over-year. The
Company opened 8 new franchised-and-managed hotels during the
quarter. Occupancy rate for the entire Home Inns hotel chain was
86% in the first quarter of 2007, compared with 90% in the same
period in 2006 and 90% in the previous quarter. RevPAR in the first
quarter of 2007 was RMB151, compared with RevPAR of RMB157 in the
same period in 2006 and RMB165 in the previous quarter. The
decrease in occupancy rate and RevPAR comparing to the fourth
quarter of 2006 was primarily due to the impact of the Chinese New
Year which typically results in decreased business travel
activities. Compared to first quarter of 2006, we entered into more
new cities and second-tier cities in late 2006 and the first
quarter 2007. Hotels in these cities usually take slightly longer
time to ramp up. Total operating expenses for the quarter were
RMB156.7 million (US$20.3 million). Total operating expenses
excluding share-based compensation expenses (non-GAAP) were
RMB154.9 million (US$20.1 million) or 84.6% of total revenues,
compared to 82.8% in the same period of 2006, and 81.4% in the
previous quarter. Factors that led to these changes are discussed
in detail below. Total leased-and-operated hotel costs were
RMB136.2 million (US$17.6 million), representing 78.0% of
leased-and-operated hotel revenue compared with 76.5% for the same
quarter in 2006 and 74.2% for the previous quarter. The percentage
increase from the previous quarter was primarily due to the impact
of the Chinese New Year, and the percentage increase year-over-year
was due to the lower occupancy rate discussed previously, as well
as higher number of new leased-and-operated hotels under
construction. Selling and marketing expenses were RMB4.1 million
(US$0.5 million), an increase of 144.1% year-over-year and a
decrease of 5.1% sequentially. The increase year-over-year was
primarily attributable to increases in advertising activities
during the quarter. The first quarter's general and administrative
expenses were RMB16.3 million (US$2.1 million). General and
administrative expenses excluding share-based compensation
(non-GAAP) were RMB14.6 million (US$1.9 million), or 8.0% of total
revenues, compared with 6.2% in the same period of 2006 and 8.0% in
the previous quarter. The year-over-year increase was primarily due
to the increased share-based compensation cost and legal and
accounting expenses we incurred as a public company. Income from
operations for the quarter was RMB15.9 million (US$2.1 million).
Income from operations excluding share-based compensation expenses
(non-GAAP) was RMB17.6 million (US$2.3 million) or 9.6% of total
revenues, compared to 11.8% in the same period of 2006 and 12.1% in
the previous quarter. The decrease in operating margin was
primarily due to 1) the higher leased- and-operated hotel costs as
a percentage of leased-and-operated hotel revenues as discussed
above, partially offset by the increased mix of franchise revenues
which have no direct cost, and 2) increased sales and marking
expenses and general and administrative expenses as a public
company. EBITDA (non-GAAP) for the quarter was RMB25.8 million
(US$3.3 million). EBITDA was reduced by foreign exchange losses of
RMB6.1 million (US$0.8 million) and share-based compensation
expenses of RMB1.7 million (US$0.2 million). EBITDA excluding
foreign exchange losses and share-based compensation expenses
(non-GAAP) increased 56.6% year-over-year, though it decreased by
3.7% from the previous quarter due to the negative impact of the
Chinese New Year. Net income for the quarter was RMB3.0 million
(US$0.4 million). Net income was reduced by the non-recurring
charge of RMB6.1 million (US$0.8 million) for re-measurement of net
deferred tax assets, foreign exchange losses of RMB6.1 million
(US$0.8 million) and share-based compensation expenses of RMB1.7
million (US$0.2 million). On March 16, 2007, the PRC National
People's Congress passed the China Corporate Income Tax Law which
will reduce the income tax rate for most enterprises from 33% to
25%, effective on January 1, 2008. This is expected to lower our
effective tax rate. As a result, net deferred tax assets are
expected to be reduced because of the re-measurement at lower
enacted income tax rate for most temporary differences that are
expected to be recovered or settled in the future. We assessed this
impact and recorded in the current quarter a non-recurring charge
of RMB6.1 million (US$0.8 million) which represents the total
re-measurement impact for net deferred tax assets recognized before
January 1, 2007. Basic and diluted earnings per share amounted to
RMB0.05 (US$0.01) and RMB0.04 (US$0.01), respectively, and basic
and diluted earnings per ADS were RMB0.09 (US$0.01) and RMB0.09
(US$0.01), respectively. Excluding the non- recurring charge for
re-measurement of net deferred tax assets, diluted earnings per ADS
(non-GAAP) would be RMB0.26 (US$0.03). Net operating cash flow for
the first quarter of 2007 was RMB23.4 million (US$3.0 million).
Capital expenditures for the quarter were RMB55.3 million (US$7.2
million). As of March 31, 2007, Home Inns had cash and cash
equivalents of RMB674.2 million (US$87.3 million). Home Inns
completed follow-on offering in May 2007, raising net proceeds of
approximately US$48.1 million. Outlook for Second Quarter 2007 Home
Inns expects its total revenues in the second quarter of 2007 to be
in the range of RMB228 million (US$29.5 million) to RMB238 million
(US$30.8 million). This forecast reflects Home Inns' current and
preliminary view, which is subject to change. Conference Call
Information Home Inns' management will hold an earnings conference
call at 9 PM on May 21, 2007 U.S. Eastern Standard Time (9 AM on
May 22, 2007 Beijing/Hong Kong time). Dial-in details for the
earnings conference call are as follows: China Mainland (toll
free): 10.800.130.0399 Hong Kong: +852.3002.1672 U.S. and
International: +1.617.213.8893 Passcode for all regions: HOME INNS
A replay of the conference call may be accessed by phone at the
following number until 10 PM on May 25, 2007 U.S. Eastern Standard
Time. International: +1.617.801.6888 Passcode: 64086577
Additionally, a live and archived webcast of this conference call
will be available at http://english.homeinns.com/ . About Home Inns
Home Inns is a leading economy hotel chain in China based on the
number of hotels and hotel rooms, as well as the geographic
coverage of the hotel chain. Since Home Inns commenced operations
in 2002, it has become one of the best- known economy hotel brands
in China. Home Inns offers a consistent product and high-quality
services to primarily serve the fast growing population of value-
conscious individual business and leisure travelers who demand
clean, comfortable and convenient lodging. Home Inns' ADSs, each of
which represents two ordinary shares, are currently trading on the
NASDAQ Global Market under the symbol 'HMIN.' For more information
about Home Inns, please visit http://english.homeinns.com/ . Safe
Harbor This announcement contains forward-looking statements. These
statements are made under the 'safe harbor' provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
'will,' 'expects,' 'anticipates,' 'future,' 'intends,' 'plans,'
'believes,' 'estimates' and similar statements. Among other things,
the outlook for the second quarter of 2007 and quotations from
management in this announcement, as well as Home Inns' strategic
and operational plans, contain forward-looking statements. Home
Inns may also make written or oral forward-looking statements in
its periodic reports to the Securities and Exchange Commission (the
'SEC'), in its annual report to shareholders, in press releases and
other written materials and in oral statements made by its
officers, directors or employees to first parties. Statements that
are not historical facts, including statements about Home Inns'
beliefs and expectations, are forward-looking statements. Forward-
looking statements involve inherent risks and uncertainties. A
number of factors could cause actual results to differ materially
from those contained in any forward-looking statement, including
but not limited to the following: our anticipated growth
strategies; our future business development, results of operations
and financial condition; expected changes in our revenues and
certain cost or expense items; our ability to attract customers and
leverage our brand; trends and competition in the lodging industry;
our ability to hire, train and retain qualified managerial and
other employees; our ability to develop new hotels at desirable
locations in a timely and cost-effective manner; the expected
growth of the Chinese economy hotel market; and Chinese
governmental policies relating to private managers and operators of
hotels and applicable tax rates. Further information regarding
these and other risks is included in our registration statements on
Form F-1 and other documents filed with the SEC. Home Inns does not
undertake any obligation to update any forward-looking statement,
except as required under applicable law. All information provided
in this press release and in the attachments is as of May 22, 2007,
and Home Inns undertakes no duty to update such information, except
as required under applicable law. Non-GAAP Financial Measures To
supplement Home Inns' un-audited consolidated financial results
presented in accordance with U.S. GAAP, Home Inns uses the
following non-GAAP measures defined as non-GAAP financial measures
by the SEC: total operating expenses excluding share-based
compensation expenses, general and administrative expenses
excluding share-based compensation expenses, income from operations
excluding share-based expenses, net income excluding the non-
recurring charge, foreign exchange losses and share-based
compensation, adjusted EBITDA, and basic and diluted earnings per
share and per ADS excluding the non-recurring charge. The
presentation of these non-GAAP financial measures is not intended
to be considered in isolation or as a substitute for the financial
information prepared and presented in accordance with U.S. GAAP.
For more information on these non-GAAP financial measures, please
see the table captioned 'Reconciliations of GAAP and non-GAAP
results' set forth at the end of this release. Home Inns believes
that these non-GAAP financial measures provide meaningful
supplemental information regarding its performance and liquidity by
excluding share-based expenses that may not be indicative of its
operating performance from a cash perspective. Home Inns believes
that both management and investors benefit from referring to these
non-GAAP financial measures in assessing its performance and when
planning and forecasting future periods. These non-GAAP financial
measures also facilitate management's internal comparisons to Home
Inns' historical performance and liquidity. Home Inns computes its
non-GAAP financial measures using the same consistent method from
quarter to quarter. Home Inns believes these non-GAAP financial
measures are useful to investors in allowing for greater
transparency with respect to supplemental information used by
management in its financial and operational decision making. A
limitation of using non-GAAP financial measures excluding
share-based compensation expenses is that share-based compensation
expenses have been and will continue to be a significant recurring
expense in our business. Management compensates for these
limitations by providing specific information regarding the GAAP
amounts excluded from each non-GAAP measure. The accompanying
tables have more details on the reconciliations between GAAP
financial measures that are most directly comparable to non-GAAP
financial measures. Home Inns' management also believes that
EBITDA, defined as earnings before interest, income tax expense,
depreciation and amortization is a useful financial metric to
assess our operating and financial performance before the impact of
investing and financing transactions and income taxes. In addition,
Home Inns' management believes that EBITDA is widely used by other
companies in the lodging industry and may be used by investors as a
measure of our financial performance. Given the significant
investments that Home Inns has made in property, plant and
equipment, depreciation and amortization expense comprises a
meaningful portion of our cost structure. Home Inns' management
believes that EBITDA will provide investors with a useful tool for
comparability between periods because it eliminates depreciation
and amortization expense attributable to capital expenditures. The
presentation of EBITDA should not be construed as an indication
that our future results will be unaffected by other charges and
gains we consider to be outside the ordinary course of our
business. The use of EBITDA has certain limitations. Depreciation
and amortization expense for various long-term assets, income tax
expense, interest expense and interest income have been and will be
incurred and are not reflected in the presentation of EBITDA. Each
of these items should also be considered in the overall evaluation
of our financial results. Additionally, EBITDA does not consider
capital expenditures and other investing activities and should not
be considered as a measure of our liquidity. Home Inns compensates
for these limitations by providing the relevant disclosure of our
depreciation and amortization, interest expense and interest
income, income tax expense, capital expenditures and other relevant
items both in our reconciliations to the U.S. GAAP financial
measures and in our consolidated financial statements, all of which
should be considered when evaluating our performance. The term
EBITDA or EBITDA is not defined under U.S. GAAP, and EBITDA is not
a measure of net income, operating income, operating performance or
liquidity presented in accordance with U.S. GAAP. When assessing
our operating and financial performance, you should not consider
this data in isolation or as a substitute for our net income,
operating income or any other operating performance measure that is
calculated in accordance with U.S. GAAP. In addition, our EBITDA
may not be comparable to EBITDA or similarly titled measures
utilized by other companies since such other companies may not
calculate EBITDA in the same manner as we do. Reconciliations of
Home Inns' non-GAAP financial measures, including EBITDA, to
consolidated statement of operations information are included at
the end of this press release. Home Inns & Hotels Management
Inc. Consolidated Balance Sheet Information December 31, 2006 March
31, 2007 RMB RMB US$ (unaudited) (unaudited) (unaudited) ASSETS
Current assets: Cash and cash equivalents 758,003,839 674,188,738
87,293,963 Restricted cash -- 60,326,760 7,811,109 Accounts
receivable 8,902,565 12,711,416 1,645,874 Receivables from related
parties 197,788 -- -- Consumables 12,131,304 9,413,149 1,218,815
Prepayments and other current assets 10,529,624 11,925,417
1,544,104 Deferred tax assets, current 5,670,939 5,670,939 734,273
Total current assets 795,436,059 774,236,419 100,248,138 Property
and equipment, net 458,058,608 496,538,825 64,291,851 Goodwill
32,906,112 32,906,112 4,260,684 Intangible assets, net 3,021,795
3,201,000 414,466 Other assets 4,175,804 5,068,315 656,245 Deferred
tax assets, non- current 26,420,799 24,214,847 3,135,339 Total
assets 1,320,019,177 1,336,165,518 173,006,723 LIABILITIES Current
liabilities: Accounts payable 8,919,148 7,888,007 1,021,339
Payables to related parties 7,389,990 6,194,226 802,028 Short-term
borrowings 124,000,000 214,310,000 27,748,861 Current portion of
long-term loan from a related party 10,000,000 -- -- Salaries and
welfare payable 22,496,135 12,837,579 1,662,210 Income tax payable
18,399,704 19,225,651 2,489,337 Other taxes payable 4,548,918
5,110,979 661,770 Deferred revenues 18,612,207 19,983,619 2,587,479
Provisions for customer reward program 2,743,366 3,240,401 419,567
Other payables and accruals 106,119,839 88,656,691 11,479,269
Deferred tax liabilities, current -- -- -- Total current
liabilities 323,229,307 377,447,153 48,871,860 Deferred rental
44,103,281 49,275,225 6,380,157 Long-term loan from a related party
50,000,000 -- -- Deferred tax liability, non- current 165,074
155,065 20,078 Total liabilities 417,497,662 426,877,443 55,272,095
Minority interest 12,782,963 13,604,827 1,761,553 Commitments and
contingencies Shareholders' equity Ordinary shares (US$0.005 par
value; 200,000,000 shares authorized, 65,712,839 and 65,921,765
shares issued and outstanding as of December 31, 2006 and March 31,
2007, respectively) 2,690,943 2,699,057 349,474 Additional paid-in
capital 813,222,265 816,201,747 105,681,809 Statutory reserves
23,414,541 23,414,541 3,031,715 Deferred share-based compensation
-- -- -- Retained earnings 50,410,803 53,367,903 6,910,077 Total
shareholders' equity 889,738,552 895,683,246 115,973,075 Total
liabilities and shareholders' equity 1,320,019,177 1,336,165,518
173,006,723 Note 1: The conversion of Renminbi (RMB) into United
States dollars (US$) is based on the noon buying rate of
US$1.00=RMB7.7232 on March 31, 2007 in The City of New York for
cable transfers of RMB as certified for customs purpose by Federal
Reserve Bank of New York. Home Inns & Hotels Management Inc.
Consolidated Statement of Operations Information Quarter Ended
March 31, 2006 December 31,2006 March 31, 2007 RMB RMB RMB US$
(unaudited) (unaudited) (unaudited) (unaudited) Revenues:
Leased-and- operated hotels 108,681,107 171,447,065 174,639,597
22,612,336 Franchised-and- managed hotels 1,990,460 7,641,832
8,499,354 1,100,496 Total revenues 110,671,567 179,088,897
183,138,951 23,712,832 Less: Business tax and related surcharges
(5,907,104) (11,545,980) (10,555,565) (1,366,735) Net revenues
104,764,463 167,542,917 172,583,386 22,346,097 Operating costs and
expenses: Leased-and- operated hotel costs - Rents and utilities
(36,511,695) (52,347,055) (59,103,797) (7,652,760) Personnel costs*
(17,711,024) (28,069,548) (29,444,152) (3,812,429) Depreciation and
amortization (9,077,927) (13,569,820) (16,692,993) (2,161,409)
Consumables, food and beverage (8,165,300) (14,593,337)
(13,564,210) (1,756,294) Others (11,641,494) (18,649,549)
(17,417,237) (2,255,184) Total leased-and- operated hotel costs
(83,107,440) (127,229,309) (136,222,390) (17,638,076) Sales and
marketing expenses (1,683,526) (4,329,343) (4,109,459) (532,093)
General and administrative expenses* (7,224,863) (15,843,119)
(16,334,607) (2,115,005) Total operating costs and expenses
(92,015,829) (147,401,771) (156,666,456) (20,285,174) Income from
operations 12,748,634 20,141,146 15,916,931 2,060,923 Interest
income 68,007 6,031,112 7,055,483 913,544 Interest expense
(1,149,383) (1,778,676) (2,541,069) (329,018) Other non-operating
income 50,126 343,262 238,196 30,842 Foreign exchange gain or loss,
net (48,070) (6,063,602) (6,146,310) (795,824) Income before income
tax expense, minority interests and share of income of affiliated
companies 11,669,314 18,673,242 14,523,230 1,880,467 Income tax
expense (2,739,316) (5,652,998) (10,721,776) (1,388,256) Minority
interests (1,045,973) (1,276,740) (844,354) (109,327) Net income
7,884,025 11,743,504 2,957,100 382,884 Amount allocated to
participating preference shareholders (3,591,532) (1,170,707) -- --
Net income available to ordinary shareholders 4,292,493 10,572,797
2,957,100 382,884 Earnings per share - Basic 0.16 0.19 0.05 0.01 -
Diluted 0.15 0.18 0.04 0.01 Weighted average ordinary shares
outstanding - Basic 27,399,140 56,260,181 65,829,216 65,829,216 -
Diluted 28,696,632 59,229,417 68,979,887 68,979,887 * Share-based
compensation expense was included in the statement of operations as
follows: Leased-and-operated hotel costs - Personnel costs 3,027
2,948 2,920 378 General and administrative expenses 343,570
1,561,741 1,720,438 222,762 Note 1: The conversion of Renminbi
(RMB) into United States dollars (US$) is based on the noon buying
rate of US$1.00=RMB 7.7232 on March 31, 2007 in The City of New
York for cable transfers of RMB as certified for customs purpose by
Federal Reserve Bank of New York. Note 2: For the quarter ended
March 31, 2007, Income tax expenses Included a non-recurring charge
of RMB6,096,529 (US$789,379) for re-measurement of net deferred tax
assets recognised before January 1, 2007, which was resulted from
the change of income tax rates for most Chinese enterprises from
33% at the present to 25% effective on January 1, 2008. (for the
quarter ended March 31, 2006 and December 31, 2006: Nil) Home Inns
& Hotels Management Inc. Reconciliation of GAAP and Non-GAAP
Results Quarter Ended March 31, 2007 GAAP % of Share-based % of
Non-GAAP % of Result Total Compensation Total Result Total RMB
Revenue RMB Revenue RMB Revenue Leased-and- operated hotel costs
(136,222,390) 74.4% 2,920 0.0% (136,219,470) 74.4% Sales and
marketing expenses (4,109,459) 2.2% -- 0.0% (4,109,459) 2.2%
General and adminis- trative expenses (16,334,607) 8.9% 1,720,438
0.9% (14,614,169) 8.0% Total operating costs and expenses
(156,666,456) 85.5% 1,723,358 0.9% (154,943,098) 84.6% Income from
operations 15,916,931 8.7% 1,723,358 0.9% 17,640,289 9.6% Quarter
Ended March 31, 2007 GAAP % of Share-based % of Non-GAAP % of
Result Total Compensation Total Result Total US$ Revenue US$
Revenue US$ Revenue Leased-and- operated hotel costs (17,638,076)
74.4% 378 0.0% (17,637,698) 74.4% Sales and marketing expenses
(532,093) 2.2% -- 0.0% (532,093) 2.2% General and adminis- trative
expenses (2,115,005) 8.9% 222,762 0.9% (1,892,243) 8.0% Total
operating costs and expenses (20,285,174) 85.5% 223,140 0.9%
(20,062,034) 84.6% Income from operations 2,060,923 8.7% 223,140
0.9% 2,284,063 9.6% Quarter Ended December 31, 2006 GAAP % of
Share-based % of Non-GAAP % of Result Total Compensation Total
Result Total RMB Revenue RMB Revenue RMB Revenue Leased-and-
operated hotel costs (127,229,309) 71.0% 2,948 0.0% (127,226,361)
71.0% Sales and marketing expenses (4,329,343) 2.4% -- 0.0%
(4,329,343) 2.4% General and adminis- trative expenses (15,843,119)
8.8% 1,561,741 0.9% (14,281,378) 8.0% Total operating costs and
expenses (147,401,771) 82.3% 1,564,689 0.9% (145,837,082) 81.4%
Income from operations 20,141,146 11.2% 1,564,689 0.9% 21,705,835
12.1% Quarter Ended March 31, 2006 GAAP % of Share-based % of
Non-GAAP % of Result Total Compensation Total Result Total RMB
Revenue RMB Revenue RMB Revenue Leased-and- operated hotel costs
(83,107,440) 75.1% 3,027 0.0% (83,104,413) 75.1% Sales and
marketing expenses (1,683,526) 1.5% -- 0.0% (1,683,526) 1.5%
General and adminis- trative expenses (7,224,863) 6.5% 343,570 0.3%
(6,881,293) 6.2% Total operating costs and expenses (92,015,829)
83.1% 346,597 0.3% (91,669,232) 82.8% Income from operations
12,748,634 11.5% 346,597 0.3% 13,095,231 11.8% Home Inns &
Hotels Management Inc. Reconciliation of GAAP and Non-GAAP Results
(continued) Quarter Ended March 31, December 31, 2006 2006 March
31, 2007 RMB RMB RMB US$ (unaudited)
(unaudited)(unaudited)(unaudited) Net income (GAAP) 7,884,025
11,743,504 2,957,100 382,884 Non-recurring charge for
re-measurement of net deferred tax assets (Note1) -- -- 6,096,529
789,379 Net income excluding non- recurring income tax expense
7,884,025 11,743,504 9,053,629 1,172,263 Quarter Ended March 31,
December 31, 2006 2006 March 31, 2007 RMB RMB RMB US$ (unaudited)
(unaudited)(unaudited)(unaudited) Net income available to ordinary
shareholders (GAAP) 4,292,493 10,572,797 2,957,100 382,884
Non-recurring charge for re-measurement of net deferred tax assets
(Note1) -- -- 6,096,529 789,379 Net income available to ordinary
shareholders excluding non-recurring income tax expense 4,292,493
10,572,797 9,053,629 1,172,263 Quarter Ended March 31, December 31,
2006 2006 March 31, 2007 RMB RMB RMB US$ (unaudited) (unaudited)
(unaudited)(unaudited) Earnings per share (GAAP) - Basic 0.16 0.19
0.05 0.01 - Diluted 0.15 0.18 0.04 0.01 Earnings per share
excluding non-recurring provision for deferred tax assets ( Note 1)
- Basic 0.16 0.19 0.14 0.02 - Diluted 0.15 0.18 0.13 0.02 Note 1:
For the quarter ended March 31, 2007, Income tax expenses included
a non-recurring charge of RMB6,096,529 (US$789,379) for
re-measurement of net deferred tax assets recognised before January
1, 2007, which was resulted from the change of income tax rates for
most Chinese enterprises from 33% at the present to 25% effective
on January 1, 2008. (for the quarter ended March 31, 2006 and
December 31, 2006: Nil) Home Inns & Hotels Management Inc.
Reconciliation of GAAP and Non-GAAP Results (continued) Quarter
Ended March 31, December 31, 2006 2006 March 31, 2007 RMB RMB RMB
US$ (unaudited) (unaudited) (unaudited)(unaudited) Net income
(GAAP) 7,884,025 11,743,504 2,957,100 382,884 Interest income
(68,007) (6,031,112) (7,055,483) (913,544) Interest expenses
1,149,383 1,778,676 2,541,069 329,018 Income tax expense 2,739,316
5,652,998 10,721,776 1,388,256 Depreciation and amortization
9,409,087 14,209,255 16,653,405 2,156,283 EBITDA (Non-GAAP)
21,113,804 27,353,321 25,817,868 3,342,897 Foreign exchange losses
(gains), net 48,070 6,063,602 6,146,310 795,824 Share-based
compensation 346,597 1,564,689 1,723,358 223,140 EBITDA excluding
foreign exchange losses & share- based compensation 21,508,471
34,981,611 33,687,536 4,361,861 %of total revenue 19.4% 19.5% 18.4%
18.4% Home Inns & Hotels Management Inc. Operating Data As of
and for the quarter ended March 31, December 31, March 31, 2006
2006 2007 Total Hotels in operation: Lease-and operated hotels 60
94 97 Franchised-and-managed hotels 15 40 48 Total rooms 8,972
16,162 17,417 Occupancy rate (as a percentage) 90.0% 90.0% 85.9%
Average daily rate (in RMB) 175 182 176 RevPAR (in RMB) 157 165 151
For investor and media inquiries, please contact: Angela Li Home
Inns & Hotels Management Inc. Tel: +86-21-3218-9988 x2004
Email: DATASOURCE: Home Inns & Hotels Management Inc. CONTACT:
Angela Li of Home Inns & Hotels Management Inc.,
+86-21-3218-9988 x2004, or Web Site: http://english.homeinns.com/
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